Which of the following is considered an advantage of globalization?

Increased competition is recognized as an advantage of globalization because it often leads to more efficient markets and better products for consumers. When businesses from different countries can compete with one another, it drives innovation and improvement in quality. Companies are compelled to enhance their offerings, lower prices, and improve customer service in order to maintain and grow their market share. This competition can also lead to economies of scale, where larger-scale production reduces the cost per unit, further benefiting consumers. As businesses strive to outperform their competitors, the overall market efficiency tends to improve, fostering an environment where consumers have more choices and better prices.

The other options do not highlight advantages of globalization. For instance, decreased access to markets and less technological transfer illustrate obstacles instead of benefits. Reduced economic growth relates to potential drawbacks rather than the positive impact globalization can have on economies by opening up opportunities for trade and investment.